Caterpillar's stock surges toward a record, adds nearly 50 points to the Dow's gain

This post was originally published on this site

© Marketwatch

MARKET PULSE

Shares of Caterpillar Inc. ran up 3.8% toward a record high in morning trading Friday, enough to pace all of the Dow Jones Industrial Average’s gainers. The $7.51 price gain in the construction and mining equipment maker’s stock is adding about 49 points to the Dow’s price, to account for nearly half of the Dow’s 101-point, or 0.3%, gain. Caterpillar’s stock has now soared 51.6% over the past 12 months, making it the second-best performer among Dow components during that period, behind only Apple Inc. stock’s 60.7% rally. Despite the negative effects of the COVID-19 pandemic on Caterpillar’s business and the global economy, the company has beat both profit and revenue expectations for three straight quarters, with fourth-quarter construction industries revenue recovering to the highest level since the fourth-quarter of 2019, or pre-COVID levels.

Continue Reading